Windows 8, torrents of free cash flow and a potential dividend increase may lift the underperforming stock. Fred Hickey: "That is the lowest I have seen the multiple in years."

Windows 8 may provide a window of opportunity for Microsoft investors, but so too should the company's staggering free cash flow.

Microsoft (ticker: MSFT) watchers are transfixed by the Windows 8 software launch in October, which promises a new era of touch-screen interaction that pits a Microsoft tablet called Surface against the iPad from Apple (AAPL) and similarly slender, Windows-based devices from Hewlett-Packard (HPQ) and Dell...